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sterling bloc

noun
  1. those countries having currencies whose values tend to vary directly with the rise and fall of the value of the pound sterling.
Also called sterling area.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for sterling area

sterling area

noun
  1. a group of countries that use sterling as a medium of international payments and sometimes informally as a currency against which to peg their own currencies. For these purposes they deposit sterling balances and hold gold and dollar reserves in the Bank of EnglandAlso called: sterling bloc, scheduled territories
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012